Analysis
Nvidia has agreed to buy about $10 billion of Anthropic shares in a $26 billion private placement alongside Anthropic's IPO, Fortune reported on November 12, 2026, citing Anthropic's filings, the same day Jensen Huang resigned as Nvidia's CEO.
Google has agreed to buy about $10 billion of Anthropic's non-voting Class N shares at the IPO price, so the two companies account for $20 billion of the placement, according to Dataconomy.
What changed for the Anthropic IPO
Pulse reported Thursday that Huang resigned as CEO, president and director effective immediately, with CFO Colette Kress named interim CEO. Fortune reports the resignation followed reports alleging two extramarital affairs, one of them with a customer suspected by U.S. intelligence of being a Chinese intelligence asset. Anthropic's offering was already on the road: Pulse covered the book being multiple times oversubscribed one day into the roadshow.
“The placement lines above sum to the full $26 billion, and Nvidia and Google alone are 77% of it.”
Per Dataconomy, Anthropic plans to sell 825 million Class A shares at $70 to $78 each, expects to price on November 18 and to begin trading on Nasdaq under the ticker ANT on November 19, at a fully diluted valuation of about $1.4 trillion at the top of the range.
Who is in Anthropic's $26 billion placement?
The supplier placement is a separate block of non-voting Class N stock bought at the IPO price, under an amended registration statement filed on November 10, per Dataconomy:
- Nvidia -- about $10 billion, the commitment now under scrutiny after its CEO's exit
- Google -- about $10 billion, about 135.1 million shares at the $74 midpoint; the purchase cuts the amount left under Google's existing funding agreement with Anthropic to $10 billion from $20 billion
- AMD -- about $2.5 billion
- Broadcom, Micron and Microsoft -- about $1 billion each
- TSMC -- about $500 million
TSMC's piece shows up in its own paperwork too: its board approved up to $500 million to buy Anthropic common shares at the per-share IPO price on November 10, per the TSMC board release, which also approved up to $500 million of OpenAI preferred stock.
Value Add VC data
The placement lines above sum to the full $26 billion, and Nvidia and Google alone are 77% of it. Anthropic reported $33.2 billion of revenue in the first nine months of 2026 and run-rate revenue of about $81 billion as of October 31, per Dataconomy's read of the filing, against compute and infrastructure commitments it puts above $900 billion over the next decade.
Does Huang's exit put the Nvidia commitment at risk?
No source reports the commitment withdrawn, and Nvidia has made no statement on it in the coverage. Jay Goldberg of Seaport Research Partners told Fortune: "They're going to go public right in the face of Nvidia's earnings call, and I don't think that derails it." Karl Alomar, a partner at M13, said Anthropic "is still in as good, as strong a position as it was before this news came out." The caveat comes from Georgetown McDonough associate professor Jason Schloetzer, who told Fortune he expected "much closer scrutiny of [Anthropic's] ties to Nvidia and customers associated with Nvidia."
The bear case
The placement is a commitment that closes after the IPO, not cash already in Anthropic's account. Fortune also notes Anthropic is committing tens of billions of dollars to secure Nvidia's most advanced chips, so the same supplier is both a buyer of the stock and a recipient of Anthropic's spending. Nvidia now heads into the November 18 pricing with Colette Kress as interim CEO and Harvey C. Jones as board chair, and no statement from the company on the placement in the coverage.